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Lloyd's of London members agency Christie Brockbank Shipton Ltd. has bucked the recent trend for agencies to team up with other agencies or Lloyd's capital providers by completing a management buyout from MAH P.L.C. According to Managing Director Charles Harbord-Hamond, the members agency's decision "provides CBS with the independence and flexibility to manage a growing business in a challenging environment." At the same time, members agency H.G. Jago Ltd. has transferred its business to CBS, and Yvonne Burley and William Ritson, both directors of Jago, have joined the CBS board. . . .French insurer AXA-UAP is dismissing rumors that its shareholdings in Belgian insurers AXA Belgium and Royale Belge S.A. d'Assurances are for sale. Royale Belge is 51.2% owned by Royale Vendome S.A., which in turn is three-quarters owned by AXA-UAP. AXA-UAP also directly holds a 9.5% stake in Royale Belge, the second-largest insurer in Belgium. AXA Belgium, the country's sixth-largest insurer, is almost one-quarter owned directly by AXA-UAP, with the balance owned by Finaxa Belgium. The two Belgian companies will undertake "joint strategic planning," said an AXA-UAP statement, and "study the most effective way to develop in the Belgian market."
. . . .Four candidates are standing for election as working members to the ruling Council of Lloyd's of London. They are seeking three seats that will become free when Sir David Rowland, Graham McKean and John Charman retire at year end. The four candidates are Chairman-elect Max Taylor, John Barber, Nigel Hanbury and Elvin Patrick. . . .German reinsurer Munich Reinsurance Co. has entered into an agreement to buy Apollo Underwriting Ltd., the managing agency for Lloyd's of London syndicate 457. The agreement has yet to be approved by Lloyd's regulators and the shareholders of Stewart Underwriting Holdings (1996) Ltd., which currently owns Apollo. The deal will make Munich Re the indirect owner of Apollo and Syndicate 457 Capital Ltd., a dedicated corporate capital provider to the syndicate. Syndicate 457, led by underwriter Mark Watkins, has capacity of 71.4 million pounds ($122.1 million) for this year, 55% of which is provided by Syndicate 457 Capital. . . .Chris Bowen has been appointed managing director of London broker Swire Blanch Ltd. Mr. Bowen previously was chief executive for Africa, the Middle East, the Caribbean and Latin America for Bain Hogg Group P.L.C. before its acquisition earlier this year by Aon Group Inc.
. . . .Copenhagen Reinsurance Co. Ltd. of Denmark has been assigned an A rating by A.M. Best Co. Factors influencing the rating decision were the organization's strong capitalization, its consistently profitable underwriting since 1993 and its diversified, short-tail book of business.